Putting Digital currency to work and predominance

By Wirba Brice Divine Ransinyuy. [email protected]

The use of digital currency has gained an undoubtedly ground in so many places, restaurants, e-commerce sites, countries, companies and even supermarkets. The apparent use of digital currency is clear to the welfare and goodness it is offering to its users. Putting digital currencies to work is taking places around as back in developed countries, especially a country like Sweden, they have opted to work hand in hand with a digital currency, thus leaving aside their paper money. The country has gone to be completely cashless. This is not a new concept in this country as the country is being backed up by the Riksbank which is the government backed digital currency. Sweden is just doing what other major countries are already doing like US and Canada.

The Swedish central bank, has discovered the rise in digital payments is mounting up power in private sectors risking to make the market less competitive, so in order to bypass this and prevent it from happening or taking place, the country financial officials and experts took as a decision to put digital currency to work, thus rendering the use of digital currency open to all, both to private users and to public users, thereby rendering the market very competitive among its users leading to a strong boost in the country’s financial life.

There are many existing firms dealing in cryptocurrencies, digital currencies and the blockchain technology that have taken upon themselves in the specialization of designing and implementing solutions related to new digital currencies as they constantly launch projects aimed at identifying the benefits of creating and adopting a new digital currency in their economic life so as to reduce inegality in the society. Such a firm is known as Reply as this firm is working in close collaboration with the Blockchain and Distributed Ledger Working group of the Polytechnic University of Miami. They work under a research project named as “Cryptoeuro” which will enable developing countries and other nations to create digital currencies that will respond adequately to their current financial crisis and situation. Participating in this research project is the Italian Association of Payment and Electronic Currency Institutes as their general goal is also to be able to identify and situate the benefits of digital currency payments and transactions to users, banks and different public and private payment sector operators nationally and internationally.

Objectively, putting digital currencies at work will be a great deal as they will permit the generating of greater efficiency regarding aspects of time and potentially cost when being compared to traditional payment methods as with digital currencies, there is the ability to make multiple transactions with just a single payment.